Tag Archives: united kingdom

Before implementing the ban on cryptocurrency derivatives sales in the UK for retail investors, the FCA asked over 500 firms, trade bodies, and competent authorities on their opinion. Interestingly, the results decisively concluded that 97% of all participants didn’t agree with the prohibition.97% Oppose The FCA Crypto Derivatives BanUK’s watchdog, the Financial Conduct Authority (FCA), initially proposed prohibiting the sale, marketing, and distribution to retail clients of cryptocurrency...

A recent study compiled with government authorities and regulators concluded that they still view the cryptocurrency industry as a significant risk source. Those establishments raised concerns regarding the field’s self-regulation and the number of illegal activities funded by digital assets.Unsurprising: Regulators Worried About Crypto RegulationsThe UK’s oldest defense and security think tank, the Royal United Service Institute (RUSI), published the study dubbed Cryptocurrency Risk &...

The UK Financial Conduct Authority, responsible for financial regulations in the country, is looking to introduce further legislation that includes cryptocurrency firms.Such companies operating on the island may need to submit annual reports on how they deal with financial threats and crimes.UK FCA Explores Further Crypto RegulationsIn its latest consultation report, the watchdog noted that in July 2016, it introduced an annual financial crime report obligation for specific firms. By...

The UK Financial Conduct Authority has granted operational licenses to two cryptocurrency exchanges. Those are the UK-based digital security exchange Archax and the UK branch of the Winklevoss twins’ Gemini.Archax Regulated By The FCAAs announced yesterday, the UK Archax platform became the “first-ever FCA regulated digital securities exchange and custodian” in the country. Consequently, digital issuances from across the world will be able to trade on an FCA authorized secondary market....

The UK Metropolitan Police Service (MPS) has arrested a 35-year old woman and seized over $150,000 worth of Bitcoin as part of an investigation into fraudulent applications for government-backed loans for businesses affected by the COVID-19 pandemic.MPS Seized $150K Worth Of BTCThe MPS (or Met) announced that the Proactive Money Laundering Team had investigated a 35-year old woman for illegally acquiring substantial amounts of government-backed funds and using them to purchase Bitcoin.Upon...

The UK’s HM Treasury, who acts as the ministry of economy and finance, said it might give the Financial Conduct Authority (FCA) a free hand to monitor advertisements issued by unauthorized firms, including those related to cryptocurrency.HM Treasury Proposes that FCA Supervise Cryptocurrency PromotionsAs of today, finance companies that are not under the supervision of the FCA must get approval from any authorized firm to promote a financial product through advertising. However, the...

Because of the increasing interest and growing adoption rates towards digital assets, Mastercard announced the expansion of its cryptocurrency initiative called Accelerate program.UK-based payment processor Wirex has become the first digital asset native member of the program, and Mastercard is inviting other cryptocurrency projects to join the growing network.Mastercard Welcomes Crypto ProjectsAccording to the announcement from earlier today, the US-based financial service behemoth has...

Kraken’s London-based subsidiary, Crypto Facilities, has reportedly become the first firm to get a trading license from the UK regulator, the Financial Conduct Authority (FCA).Kraken’s Crypto Facilities Becomes First in Europe With Trading LicenseAccording to Financial News on Monday (July 6, 2020), the Multilateral Trading Facility (MTF) license will enable the crypto futures platform to offer its derivatives market to institutional investors. Timo Schlaefer, Chief Executive at Crypto...

In its most comprehensive report on cryptocurrencies to date, the UK Financial Conduct Authority (FCA) outlined that they have increased in popularity and ownership since 2018, with up to 2.6 million people on the island holding digital assets.The UK Watchdogs Advance On CryptoAccording to the report from the FCA published earlier this week, the UK population and local authorities have become much more knowledgeable on digital assets since the first paper in 2018. Two years ago, the watchdog...

A high court in the United Kingdom has ordered the shutdown of an alleged cryptocurrency scam exchange known as GPay, which potentially robbed customers of more than $1.8 million in digital funds.GPay Is Closing Its DoorsThe court alleges that the company used fake celebrity endorsements to entice people to step aboard the crypto plane and invest their money. However, the exchange has now come forward to say it has “lost” all the money customers brought to the table and that it is being...